\begin{tabular}{l|l} Quality, Inc. is a producer of \\ potato chips. A single production \\ process at Quality, Inc., yields \\ potato chips as the main product, \\ as well as a byproduct that can be \\ sold as a snack. Both products are \\ fully processed by the splitoff \\ point, and there are no separable \\ costs. For September 2020 , the \\ cost of operations is $525,000. \\ Production and sales data are as \\ follows: \\ & There were no beginning inventories on September 1,2020. \\ \hline \end{tabular} Requirement 1. What is the gross margin for Quality, Inc., under the production method and the sales method of byproduct accounting? Requirements 1. What is the gross margin for Quality, Inc., under the production method and the sales method of byproduct accounting? 2. What are the inventory costs reported in the balance sheet on September 30 , 2020 , for the main product and byproduct under the two methods of byproduct accounting in requirement 1 ? 3. Prepare the journal entries to record the byproduct activities under (a) the production method and (b) the sales method. Briefly discuss the effects on the financial statements. Data table Requirement 1. What is the gross margin for Quality, Inc., under the production method and the sales method of byproduct accounting? (Enter a "0" for any cells with a zero balance. For the main product inventory: Calculate the proportion of inventory first, then complete your calculation.)